H. R. 1492 wants to make sure that the time for talking about prices for two types of medicines, called small-molecule and biologic drugs, is fair. It says that people should have more time to talk about prices for biologic drugs, giving them 11 years instead of 7 years.

This bill wants to make the waiting time the same before starting talks about how much certain medicines should cost, so both tiny and big medicines have to wait at least 11 years before any price talks can begin. This change is meant to help make new medicines while controlling how much they cost.